M&T Bank Corp Sells 2,401 Shares of State Street Co. (NYSE:STT)

M&T Bank Corp reduced its stake in State Street Co. (NYSE:STT) by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,900 shares of the asset manager’s stock after selling 2,401 shares during the period. M&T Bank Corp’s holdings in State Street were worth $8,432,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Albion Financial Group UT bought a new position in State Street in the 4th quarter worth about $25,000. Y.D. More Investments Ltd lifted its holdings in shares of State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after buying an additional 197 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of State Street in the 4th quarter worth $42,000. Coastline Trust Co bought a new position in shares of State Street during the 3rd quarter worth $44,000. Finally, Friedenthal Financial purchased a new position in shares of State Street during the fourth quarter valued at $49,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

STT has been the topic of several recent research reports. Barclays increased their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 price objective (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Truist Financial reduced their price objective on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research report on Friday, December 20th. Finally, Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $101.20.

Insiders Place Their Bets

In other news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the sale, the director now owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

State Street Price Performance

Shares of STT stock opened at $89.80 on Friday. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a market capitalization of $25.91 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 1.11 and a beta of 1.44. The stock’s 50-day simple moving average is $98.09 and its 200-day simple moving average is $93.86.

State Street (NYSE:STT) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. State Street’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.04 EPS. As a group, equities analysts forecast that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.39%. State Street’s dividend payout ratio (DPR) is 36.89%.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.